The Indian cryptocurrency exchange WazirX is preparing to resume operations after a massive hack in July 2024, when hackers linked to the North Korean group Lazarus stole $235 million from the platform's multi-signature wallet. Following the incident, the exchange halted operations but recently received approval from the majority of creditors (93%) for a restructuring plan that involves returning 75-80% of the funds to users in USDT and issuing 'recovery tokens' tied to the platform's future profits.
Currently, WazirX is awaiting a court decision in Singapore on May 13, 2025, which will allow it to officially resume operations, including the withdrawal of funds and trading, which will occur in phases. To enhance security, the exchange has switched to new custodial services from BitGo and Zodia, and has also introduced insurance coverage. Additionally, WazirX plans to launch a decentralized exchange (DEX) and new features to expedite the return of funds to users.
Despite the progress, investors remain cautious due to the lack of clear cryptocurrency regulations in India, making legal protection difficult. Stay tuned for updates! Subscribe to #MiningUpdates for the latest news.
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